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Iconic Hotel Thriving In Post-covid New Zealand For Sale

Tokomaru Bay, East Cape, New Zealand
Asking Price:
$3,200,000 (NZD) Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
$100K - $250K (NZD)
Cash Flow:
$1,300,000 (NZD)

Thriving in the post Covid world, the Te Puka Tavern is an icon on the North Island's East Coast. Offering traditional Kiwi hospitality since 1873, and rebuilt in 1988, the tavern offers locals and travelers alike good food and drink, plus four star accommodation in modern 21st century units.

Since coming out of Covid lockdown the business has experienced the best trading winter season of the last decade. The current owners have invested heavily in upgrading and maintaining the buildings and chattels.

The Hotel is in the East Coast township of Tokomaru Bay - a seaside settlement on State Highway 35 some 90 kilometres north of Gisborne. Te Puka Tavern was built in late 1988. The current tavern building replaced an historic public house that had been operating from the coastal site since 1873.

Lonely Planet named Te Puka Tavern among its Top 10 New Zealand Country pubs in 2015. The freehold land, buildings and entire tavern business are being marketed for sale by the owners.

Situated on freehold land with absolute beach frontage immediately overlooking Tokomaru Bay and Mawhi Point the tavern complex has commercial accommodation adjacent to the pub featuring four duplex apartments built in 2011. The apartments have a nightly rack rate of $160 – delivering an average annual occupancy rate of 85 percent. In addition, there are four powered parking spaces to accommodate motorized homes and caravans at $15 a night.

Tokomaru township has a resident population of 500 – which swells to six times that amount over the Christmas and New Year holiday period – with thousands more camping in the remote bays and settlements to the north and south of the community.

This hotel is a ‘turn key’ opportunity for any new business owner looking for a truly unique lifestyle. Like any good country hotel, Te Puka is at the heart of the community. It’s the weigh-in point for the various pig and deer hunts, as well as the first port of call by local fishing club members who used the boat ramps immediately across the road.

It is a multi-function venue, live music, a wedding, a place for family celebrations while the conference room hosts many farming-related annual general meetings and gatherings for a range of community groups and associations.

The main building is configured to cater for a broad spectrum of customer demographics – ranging from the main bar area with pool tables, a restaurant, and the covered decks overlooking the sea. At the rear of the tavern is a two-storied three-bedroom owner/managers residence.

The Te Puka Tavern’s operational philosophies mirror those of the wider East Coast population. There are no gaming machines within the venue, and the business is endeavouring to become ‘plastic free’ through the use of re-usable products and services, instigating recycling initiatives, and seeking paper and cardboard alternatives to plastic where possible.”

Trading records for the business show the strategy is paying off – with turnover for the 2020/2021 financial year 22 percent up on the previous 2019/2020 trading period.

The Te Puka Tavern’s food operations are based around a modern [2013] commercial-grade stainless steel kitchen – encompassing a walk-in freezer/chiller unit with shelving, six-burner hot plate section, salamander grill, and deep fryer, along with dishwashing and rinsing units; all gas-powered

The food and beverage and accommodation revenue stream ensure the Te Puka Tavern operates as a vertically-integrated business. The bar and use of the venue for events and functions automatically feed guest traffic to the apartments, while apartment guests visiting Tokomaru Bay head next door for a bite and quiet beer or wine with the friendly locals.

Country pub style licensed hospitality operations and function venues along the Pacific Coast Highway 35 are limited and Te Puka Tavern is perfectly positioned to build on multiple income streams.

The vendors have invested time and effort to bring the complex to its current high standard and have now made the decision to pass the opportunity on to a new owner. This is a one of a kind property for the returnee investor or publican to purchase the rural lifestyle dream.

For more information, please contact us by using the form below.

Property Information

Real Estate:

Real Property Included

Living Accommodation:

Two story, three bedroom mangers/owners residence at the rear of the Tavern.

Location:

The Te Puka Tavern is in the East Coast township of Tokomaru Bay - a seaside settlement on State Highway 35 some 90 kilometres north of Gisborne. Te Puka Tavern was built in late 1988. The current tavern building replaced an historic public house that had been operating from the coastal site since 1873.

Premises Details:

The freehold land, buildings and entire tavern business are on the market. The complex includes the 600 square metre tavern and separate apartments situated on some 5,123 square metres of freehold land immediately overlooking Tokomaru Bay.

Commercial accommodation adjacent to the pub features four two-storey 60 square metre duplex apartments built in 2011. The apartments have a nightly rack rate of $160 – delivering an average annual occupancy rate of 82 percent. In addition, there are four powered parking spaces to accommodate motorised homes and caravans.

Planning Consent:

None needed

Business Operation

Competition / Market:

This is the best hospitality venue on the East Coast north of Gisborne. There is very minimal competition within an hours travel either side.

Reasons for selling:

Seeking to rationalise assets into a more compact holdings

Trading hours:

10am till midnight 7 daysa week with some flexibility in the licence for special events.

Employees:
12 including current manager.
Years established:
1988 with accomodation added in 2012

Other Information

Furniture / Fixtures value:
$200,000 (NZD) - included in the asking price
Inventory / Stock value:
$40,000 (NZD) - included in the asking price
Website:
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